Great-West Lifeco Inc. (TSX:GWO) said Thursday it has signed a deal for its U.S. subsidiary to acquire J.P. Morgan’s large-market record keeping business in a deal that will make it the second-largest retirement services provider in the U.S. defined contribution market.
Terms of the transaction were not disclosed. The deal is expected to close during the third quarter, pending regulatory approval.
The J.P. Morgan Retirement Plan Services business includes 200 clients with approximately 1.9 million participants and $167 billion in assets. The deal will increase Great-West Financial’s participant base to 6.8 million and its retirement services recordkeeping assets to $387 billion.
“We’re pleased to unite J.P. Morgan Retirement Plan Services under Great-West Financial to provide customers with an industry-leading service and product offering,” said Mitchell Graye, president and CEO of Great-West Financial.